World’s Largest Wealth Fund Quietly Ramps Up Bitcoin Exposure

• Norway’s sovereign wealth fund has significantly increased its indirect Bitcoin exposure through investments in MicroStrategy, Coinbase, and Marathon Digital.
• Institutional adoption of Bitcoin continues to grow, driven by sector-weighted investment strategies and the introduction of spot Bitcoin ETFs.

In line with the latest update shared by CNF coverage in 2024, Norway and Switzerland’s central banks have significantly increased their stakes in MicroStrategy, gaining indirect Bitcoin exposure. Norway’s Government Pension Fund Global, the world’s largest sovereign wealth fund, has been steadily increasing its indirect exposure to Bitcoin.

By the end of 2024, the fund’s Bitcoin-related holdings, primarily through investments in MicroStrategy, Coinbase, and Marathon Digital, reached approximately 3,821 BTC—valued at around $356 million. This represents a significant 153% increase from the previous year, according to research by K33.

A Passive Move or a Strategic Bet?

Despite this growth, analysts believe the increased Bitcoin exposure is more likely an unintended result of the fund’s automated sector-weighting strategy rather than a deliberate investment decision.

K33 Research’s head of research, Vetle Lunde, emphasized that Bitcoin is gradually becoming an integral part of well-diversified investment portfolios, even when institutions aren’t actively seeking direct exposure.

Specifically, she shared the table illustrating how NBIM adjusted their weights between Q2 2024 and Q4 2024, emphasizing that this exposure likely derives from rule-based sector weighting rather than a deliberate choice to prioritize BTC exposure.

The Norwegian sovereign wealth fund (NBIM) indirectly holds 3,821 BTC, reflecting an increase of 1,375 BTC since June 30, 2024, and a yearly growth of 2,314 BTC—a 153% increase compared to its end-of-year 2023 holdings.
It is important to highlight that this exposure likely… pic.twitter.com/seQ12cM2Rn

— Vetle Lunde (@VetleLunde) January 29, 2025

Norway’s sovereign wealth fund has expanded its holdings in multiple companies with strong Bitcoin ties. Its investment in MicroStrategy now accounts for a 0.89% portfolio share, while positions in Coinbase, Block Inc., and Riot Platforms have also increased.

Additionally, the fund initiated a 0.82% stake in Marathon Digital, one of the world’s largest Bitcoin mining firms.

Institutional Adoption on the Rise

This trend of institutional adoption reflects a broader shift toward Bitcoin and digital assets. The recent introduction of spot Bitcoin exchange-traded funds (ETFs) in the U.S. has made it easier for traditional investors to gain exposure to Bitcoin.

A survey conducted by Swiss crypto bank Sygnum found that 57% of institutional investors plan to increase their crypto allocations, underscoring Bitcoin’s growing appeal as an alternative investment.

Bitcoin Market Update

As of now, Bitcoin (BTC) is trading at approximately $104,041, reflecting a slight 0.56% dip from the previous daybut a 0.84% increase in the past week.

Despite recent volatility, Bitcoin remains well above its levels from a year ago, driven by increasing institutional adoption and regulatory clarity. If this momentum continues, BTC could test higher resistance levels in the coming months.